Banks to hire young graduates as apprentices in a month; pay Rs 5k stipend

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Banks to hire young graduates as apprentices in a month; pay Rs 5k stipend - Business Standard

Quick Summary:

Lenders will be paying a stipend of Rs 5,000 a month to such candidates who will get trained on a specialized skill set during the stint, industry lobby grouping Indian Banks Association's chief executive Sunil Mehta told PTI.

The move follows a budget announcement by Finance Minister Nirmala Sitharaman, under which the government is targeting to provide internships at top-500 companies for up to 1 crore youth over the next five years.

Explaining the banks' role in implementing the scheme, Mehta said, "There are a lot of areas where we don't need any skilled manpower for example marketing, recoveries.